Town officials on Tuesday issued seven building permits to a local man’s limited liability company that rapidly purchased 19 of the brick condominium units on Heritage Hill Road, causing concern among some owners there.
The permits call for the installation of 71 vinyl replacement windows throughout seven of the Oenoke Association units, at a total cost of $58,946.
Captain Jack LLC since the start of 2016 has spent more than $6.7 million acquiring 19 of the 1960s- and ‘70s-built condo units, land records show.
It isn’t clear whether the units approved for building permits are to be sold.
Realtors commenting on NewCanaanite.com have cautioned that if one party owns more than 10 percent of all units, the complex itself becomes unwarrantable with regard to conventional lending. As a result, owners may have difficulty selling to buyers with conventional mortgages, and that could put one party in a position to force down prices if the only potential buyers are all-cash, Realtors have cautioned.
The Building Department on Wednesday received an application to construct a 2-story Colonial on a vacant 2.47-acre parcel on Devonwood Lane.
The new 6,967-square-foot home at 53 Devonwood Lane will include six bedrooms and full bathrooms and two half-baths, according to the application.
The property had been purchased last week for $1,188,000, tax records show.